{"id":39751,"date":"2022-11-19T11:13:17","date_gmt":"2022-11-19T05:43:17","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=39751"},"modified":"2024-06-01T10:57:17","modified_gmt":"2024-06-01T05:27:17","slug":"benefits-of-current-account-for-start-ups","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/benefits-of-current-account-for-start-ups\/","title":{"rendered":"Six Benefits of Current Account for Start-ups"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-39755 size-full\" title=\"Benefits of Current Account For Startups\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1.png\" alt=\"Benefits of Current Account for Start-ups\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/11\/Six-Benefits-of-Current-Account-for-Start-ups-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>Start-ups are developed by entrepreneurs who aim to bring innovation to the sector of products or services. Start-ups being new in the market are vulnerable to high competition and often fail even before expanding on scalable business. Such ventures are needed to be protected and supported to grow in the marketplace.<br \/>\n<\/span><span style=\"font-weight: 400;\">Their skills and intellectual properties are to be nurtured with various incentives such as a suitable ecosystem and financial resources. A start-up recognized by the <\/span><span style=\"font-weight: 400;\">Department of Promotion for Industry and Internal Trade (DPIIT)<\/span><span style=\"font-weight: 400;\"> under the <\/span><span style=\"font-weight: 400;\">Ministry of Commerce<\/span><span style=\"font-weight: 400;\"> is entitled to various benefits. There are various steps taken by the government to foster entrepreneurial work.<br \/>\nIn this article, we are going to discuss the Meaning of a Current Account, startups in India, &amp; Benefits of Current Account For Startups.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><a href=\"#in\">Start-ups in India<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#of\">Meaning of Current Account<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#a\">Features of a Current Bank Account<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#to\">What advantages do Current Accounts offer to Start-Ups?<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"in\"><b>Start-ups in India<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The <a href=\"https:\/\/www.startupindia.gov.in\/\" target=\"_blank\" rel=\"noopener\">Start-up India<\/a> initiative was launched on the 16th of January, 2016 by Prime Minister Modi. It is a flagship initiative by the government to build a strong ecosystem, improve sustainable economic growth and generate employment opportunities. Its vision is to transform India into a country of job creators instead of job seekers.<\/span> <span style=\"font-weight: 400;\">The Government of India is constantly working towards the encouragement of young minds to create and develop their ideas with many incentives to strive towards the goal.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Various Tax Exemptions, Exemptions from tiresome compliances, and financing are some of the positive steps recently taken for the purpose. India is one of the largest internet and app users. It was important to digitalize the process for simplicity of the process. When these start-ups grow and bring their own IPO, they are considered to be successful. Some of the successful <\/span><span style=\"font-weight: 400;\">start-ups<\/span><span style=\"font-weight: 400;\"> that flourished in India are Paytm, Byjus, Razorpay, Upgrade, etc. The Commerce and Industry Minister, Shri Piyush Goyal recently said that simplification, facilitation, and ease of doing business have helped India create more start-ups.<\/span><\/p>\n<h2 id=\"of\"><b>Meaning of a Current Account<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A Current Account is an account meant for <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\">.<\/span> <span style=\"font-weight: 400;\">A Current Account, also known as a financial account is a type of deposit account maintained by individuals who carry out a significantly higher number of transactions with banks on a regular basis. It is created by the bank at the request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current Accounts also allow making payments to creditors through the cheque facility offered by the <\/span><span style=\"font-weight: 400;\">bank<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id=\"a\"><b>Features of a Current Bank Account<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A Current Bank Account is one of the primary requirements for starting a business. These days, banks offer a number of attractive offers and benefits on current accounts to match the diversified needs of businesses. Below are some of the basic features of a current bank account:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A Current Account allows transactions beyond the scope of a savings account<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compared to a savings account, a current account requires a higher minimum balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is designed to facilitate frequent transactions \u2013 Transfer Funds, receive Cheques, Cash, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A Current Account can be operated by individuals, proprietary concerns, Public and <\/span><a href=\"https:\/\/www.cagmc.com\/private-limited-company\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Private Companies<\/span><\/a><span style=\"font-weight: 400;\">, Associations, <\/span><span style=\"font-weight: 400;\">Trusts<\/span><span style=\"font-weight: 400;\">, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No restriction on the number of transactions in a day<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-maintenance of the minimum balance can attract penalty charges<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Just like savings accounts, KYC guidelines are to be followed even for current accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For a single business, there cannot be multiple current accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The prime objective of the Current Account is to facilitate smooth transactions for businesses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nowadays, some banks offer interest rates on current accounts as well<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Current Accounts charge interests on short-term funds the account holder has borrowed from the bank.<\/span><\/li>\n<\/ul>\n<h2 id=\"to\"><b>What advantages do Current Accounts offer to Start-Ups?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are the six benefits of a Current Account for Start-Ups:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><b>Plenty of Cheque Leaves: <\/b><span style=\"font-weight: 400;\">Current Accounts function differently. As a startup would require to make frequent transactions through cheques, you receive an abundance of cheque leaves, which is one of the many advantages of current accounts. A certain number of free cheques are sent to current account holders each month. According to your bank\u2019s conditions, you receive a brand-new checkbook every month so you can conduct business without worrying about running out of cheques.<\/span><\/li>\n<li><b>Credit Score: <\/b><span style=\"font-weight: 400;\">Initially businesses might not be able to obtain a loan, but current account plans give you a credit card in exchange for a fixed deposit. Your credit score may be improved as a result of upcoming loan applications. Additionally, current accounts offer an overdraft feature that enables withdrawals above the balance of your account. The overdraft is simply deducted from the subsequent deposit you make to the account.<\/span><\/li>\n<li aria-level=\"1\"><b>Increasing Start-Up\u2019s Credibility: <\/b><span style=\"font-weight: 400;\">Establishing accurate estimates for your business is difficult when your financials are disorganized. One of their many advantages is that current accounts make your financial affairs clear. In order to analyze your transactions, current accounts can aid by giving you a clear record of where your money has come from and gone, as well as by showing you how much it has grown each month. You may create a plan for your company\u2019s future that is supported by accurate financial data by looking at the patterns your current account reveals and analyzing them.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gain access to Credit: <\/b><span style=\"font-weight: 400;\">Financial institutions can be difficult to convince when it comes to making them part with their money to fund you. A current account records your transactions, including repayment of the previous debt, if any. It also shows the lender your financial standing \u2013 and the basis of your financial projections.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limitless Transactions:<\/b><span style=\"font-weight: 400;\"> The absence of transaction limits is one of the main advantages of current accounts. Two things cause this. One, there are no restrictions on the size of any transaction. Many numbers of transactions can be done in a month using the method of your choice, be it cash, Internet transfers, cheques, pay orders, or cash.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Money Shortage:<\/b><span style=\"font-weight: 400;\"> The overdraft facility can help in this situation. The ability to overdraw current accounts is one of its key advantages. This indicates that one may temporarily overdraw an account and take out more money than is currently in it to cover working capital requirements for a certain period of time.<\/span><\/li>\n<\/ul>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A Deposit Account explicitly designed for the needs of businesses is known as a current account. It assists organizations in handling a sizable volume of daily transactions and provides features and services that simplify planning and managing finances.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Start-ups are developed by entrepreneurs who aim to bring innovation to the sector of products or services. 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